ABC Corporation is experiencing difficulty in paying its bills and is considering filing for bankruptcy. Current data show: Book Value 4,000 40,000 36,000 50,000 1,000 10,000 70,000 20,000 45,000 16,000 P292,000 P 77,000 0911 Secured by: Bank Loan Reminder from the $25,000andbook: Code of 70% of receivables Wages Payable Cheating during exam12,000, quizzes or plagiarism in connection Taxes Payable with any academic wo 8,000ting of the same: 1st violation- Truck Loan warning with invalidat 5,000rade; Truck with P12,000 BV & P2,500 ERV Mortgage Payablespension with inva43,000 f grade; 3rd violatiLand and Building Loan Payable to dismissal/ non-rea50,000 with invalidation of Finished Goods Shareholder Loan Not subordinated to other debt Assets Building Trucks Cash Accounts Receivable Inventory - Materials Inventory - Finished Goods Prepaid Expenses Land Equipment Intangibles Total Assets Liabilities Accounts Payable INTI SAPIE UNIVERSI Est. Realizable Value P 4,000 20,000 0 42,000 60,000 6,000 0 EDIFICA 110,000 (38,000) Shareholders' Equity Total Liabilities and Equity P292,000 Compute for the amount to be paid to unsecured creditors (partial and without priority)

ABC Corporation is experiencing difficulty in paying its bills and is considering filing for bankruptcy. Current data show: Book Value 4,000 40,000 36,000 50,000 1,000 10,000 70,000 20,000 45,000 16,000 P292,000 P 77,000 0911 Secured by: Bank Loan Reminder from the $25,000andbook: Code of 70% of receivables Wages Payable Cheating during exam12,000, quizzes or plagiarism in connection Taxes Payable with any academic wo 8,000ting of the same: 1st violation- Truck Loan warning with invalidat 5,000rade; Truck with P12,000 BV & P2,500 ERV Mortgage Payablespension with inva43,000 f grade; 3rd violatiLand and Building Loan Payable to dismissal/ non-rea50,000 with invalidation of Finished Goods Shareholder Loan Not subordinated to other debt Assets Building Trucks Cash Accounts Receivable Inventory - Materials Inventory - Finished Goods Prepaid Expenses Land Equipment Intangibles Total Assets Liabilities Accounts Payable INTI SAPIE UNIVERSI Est. Realizable Value P 4,000 20,000 0 42,000 60,000 6,000 0 EDIFICA 110,000 (38,000) Shareholders' Equity Total Liabilities and Equity P292,000 Compute for the amount to be paid to unsecured creditors (partial and without priority)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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HURON COMPANY-3 The uncollectible accounts receivable rate in the sector where the business operates is high. As of December 31, 2019, the balance of the "Accounts Receivable" of the business is $1,250,000. Of these receivables, $850,000 are not yet due. However, receivables worth $400,000 have past due. The aging of these past due receivables has been done, and according to this aging, the collectibility probabilities anticipated by the business are presented in the table below. Days Past Due - Amount $ - Collectibility Probability 1-15 days 180,000 0.98 16-30 days 84,000 0.95 31-60 days 47,000 0.80 61-90 days 35,000 0.70 91-120 days 15,000 0.40 121-240 days 20,000 0.30 More than 241 days 19,000 0.01 Total 400,000 Requirements: 1)The company will implement a policy for allowance for doubtful accounts for the first time at the end of this year. What is the amount of doubtful accounts allowance that needs to be set aside? How will the receivables and allowances be reported in the…
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